By Seth Carpenter, Morgan Stanley chief economist
Last week we published Supply Chain Strain, the first deep dive in our Multipolar World thematic series for this year. The multipolar world is one of the four Morgan Stanley themes for 2025 (the others are AI, Energy Security and Longevity). Tariffs have been front and center in recent weeks as global commerce confronts a new trade paradigm. Tariffs are just one of a broader array of policy tools that aim to elevate trade barriers and force supply chain realignment in the name of national and economic security. To be clear, while the pace of implementation is accelerating under new US leadership, the direction of travel has now been consistent through three administrations.
